Florida 3-20 Public Adjusters State Exam (Set 1)
Questions with 100% Correct Answers
The insurer and insured agree to a specific value of insured item
Agreed Value Policies
Someone who has care, custody or control of another's property
Bailee
Claim filed by policy holder against his _
First Party Claim
When a person who entrusts another with an object and it results in injury to someone can
be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or
DWI
Negligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a
manner or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion
Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits,
and premiums
Declarations
, Policyholder cannot transfer the policy to someone else without written permission from
their insurance company
Assignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item
Hazard
Actual cause or source of an incidence of destruction, injury, or loss
Peril
An insurance company organized and domiciled outside the US
Alien
When there is an unbroken chain of events between an occurrence and a loss, then the loss
is part of the original occurrence
Proximate Cause
Is proximate cause of all subsequent damages
Original Occurance
An individual who contracts with an adjusting firm as an independent contractor and
handles claims for the insurance companies
Independent Adjuster
Action or practice of the insured party is permitted to continue because any defense against
a continuation of said action or practice has been waived by the insurer
Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims
Commercial Insurers
Questions with 100% Correct Answers
The insurer and insured agree to a specific value of insured item
Agreed Value Policies
Someone who has care, custody or control of another's property
Bailee
Claim filed by policy holder against his _
First Party Claim
When a person who entrusts another with an object and it results in injury to someone can
be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or
DWI
Negligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a
manner or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion
Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits,
and premiums
Declarations
, Policyholder cannot transfer the policy to someone else without written permission from
their insurance company
Assignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item
Hazard
Actual cause or source of an incidence of destruction, injury, or loss
Peril
An insurance company organized and domiciled outside the US
Alien
When there is an unbroken chain of events between an occurrence and a loss, then the loss
is part of the original occurrence
Proximate Cause
Is proximate cause of all subsequent damages
Original Occurance
An individual who contracts with an adjusting firm as an independent contractor and
handles claims for the insurance companies
Independent Adjuster
Action or practice of the insured party is permitted to continue because any defense against
a continuation of said action or practice has been waived by the insurer
Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims
Commercial Insurers
